Solve on white paper correctly Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all af the ontton is used to produce shts2012 Statistics2020 Statisties2021 StatisticsProductQuantity120QuantityPriceQuantityPricePrice$75.003.50Shoes110$55.00120$70.00Hamburgers853.001203.00135Shirts5030.005025.006625 00Cotton12,0000.0912.0000.0713.0000.08af the base year is the year 2012, then real GDP for 2020 equals $ (round you answer to the nearest pennyl and the real GDP for 2021 equals S(round your answer to the nearest pennyl.b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to hwo decimal places.)

According to the question given that the data of basket of the services and goods. a) Real GDP can…

ppose the information in the following table is for asimple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the coton is used 2012 Statistics 2020 Statistics 2021 Statistics Quantity Product Quantity Price Quantity Price Price 555.00 $70.00 3.00 Shoes 110 120 120 575.00 Hamburgers Shirts 3.50 25 00 85 3.00 120 135 50 30.00 50 25.00 65 Cofton 12,000 0.09 12.000 0.07 13.000 the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) and the real GOP for 2021 equals S round your answer to the nearest pennyt The (annual) growth rate of real GDP in 2021 is % (Enter your response as a percentage rounded to bwo decimal places)

ppose the information in the following table is for asimple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the coton is used 2012 Statistics 2020 Statistics 2021 Statistics Quantity Product Quantity Price Quantity Price Price 555.00 $70.00 3.00 Shoes 110 120 120 575.00 Hamburgers Shirts 3.50 25 00 85 3.00 120 135 50 30.00 50 25.00 65 Cofton 12,000 0.09 12.000 0.07 13.000 the base year is the year 2012, then real GDP for 2020 equals $ (round your answer to the nearest penny) and the real GOP for 2021 equals S round your answer to the nearest pennyt The (annual) growth rate of real GDP in 2021 is % (Enter your response as a percentage rounded to bwo decimal places)

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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